• EUR/NZD declined on Friday as falling Eurozone bond yields and caution around Russia -Ukraine tensions weighed on euro .
• Germany's 10-year yield, the benchmark for the bloc, was down nearly a basis point to 0.24% after falling 8 bps through Wednesday and Thursday in the biggest two-day fall since late November.
• Selling pressure will remain in the short-term, only a move above 1.7000 psychological level will shift the bias higher.
• Technical signals show the pair could lose more ground as RSI is at 44 bearish, and 9, 11,21 DMA’s are trending south.
• Immediate resistance is located at 1.6971 (5DMA), any close above will push the pair towards 1.7015(5DMA).
• Immediate support is seen at 1.6879 (38.2%fib) and break below could take the pair towards 1.6753 (23.6% fib).
Recommendation: Good to sell round 1.6900, with stop loss of 1.6980 and target price of 1.6810
